Brownstone Insurance Prices
I know there have been several posts about this in the past, but I’m hoping to get some more recent data. We are hopefully closing on a North Slope house in the next month or so, and we’ve been getting quotes for homeowner’s insurance. The ones we have so far seem really, really high –…
I know there have been several posts about this in the past, but I’m hoping to get some more recent data. We are hopefully closing on a North Slope house in the next month or so, and we’ve been getting quotes for homeowner’s insurance. The ones we have so far seem really, really high — $8,300/year from Chartis and over $10,000 from Fireman’s Fund. The house is a legal two family (although we’re planning to use it as a one family) and has about 3,400 square feet over 4 floors. Each quote is based on a $2.1MM replacement cost for the house and includes an umbrella policy of either $3MM or $5MM. I know there’s less expensive stuff out there (e.g., Everest), but I’ve read some pretty negative reviews. I guess I thought the better policies would be in the $5,000 to $6,000 range, not $8,000 to $10,000. Any thoughts?
I don’t know how you arrived at a replacement cost of 2.1 million on a 4 story brownstone. If it is based on the purchase price, this is not the criteria you use. In the event of a loss, even at replacement cost, you will only get reimbursed for the actual cost of replacement, i.e. “new for old”, I suggest you ask your Insurance company to send someone down who will agree that 2.1 million is the actual replacement cost for your particular home. This way you will know that in the event of a loss they will not say the replacement cost is less and that you were over insured. Additionally, if you do insure for that high an amount, I would increase my deductible to say $10,000 which will substantially lower the cost, I would also ask them to eliminate the off premises theft provision unless you do alot of traveling and are concerned about your possessions while you travel.
Good luck,
seems that reading all these posts, no one can ever agree on what the replacement cost ought to be for a brownstone. Our house is a third smaller than yours but we insured it for $800K replacement. Policy price depends a lot of replacement value.
Did State Farm and it’s considerably cheaper. My replacement value is considerably lower though. My land won’t burn down and I think that’s worth more than the house – at least a 50/50 split
But curious to hear thoughts of others.
Based on a recomendation from the board, we went with State Farm on Fulton Street. Everyone is really nice there and we found that they came in under some of the companies listed above.
We have Chubb and it’s $5,500 a year or something like that. Our house is smaller than yours though. One-family, 20 feet wide, 2 stories with finished English basement.
Thanks for your responses. As for avoiding Everest, I read some not so great things about Everest on this blog. People seem to rave about Chubb and AIG (now called Chartis), but everyone acknowledges that they cost more. I guess I’m just wondering what “more” means. Does $8,000 to $10,000 sound right? Or are those numbers so high as to suggest that the quotes were based on some faulty assumptions?
Hello, I noticed your post and based on the dwelling coverage you are requesting, you would either have to go to one of the high value home insurers (Chubb, ACE, Fireman’s Fund, Chartis) or one of the brownstone specialists (Brownstone Agency {Everest} or Distinguished Programs {National Union}. National Union, like Chartis, is part of AIG and their policies now include Chartis documentation. Those 2 carriers will be much less expensive. That being said, the $2.1 million dwelling coverage may be over-insuring the home. The land is never covered by insurance- only the structure, contents, and liability. You might be able to get the dwelling coverage lowered a bit with the high value carriers which should save you a bit, but they may force you to increase the coverage at inspection (they usually do). I’d be happy to quote the home for you to get you a second opinion and some additional quotes.
William Smoltino
Narrows Insurance Agency, Inc.
718-745-1500
FYI Slopegirl – Brownstone Agency Policies are through Everest. I think the OP is looking to avoid them for whatever reason.
Call William Smoltino at Narrows Insurance Agency, Inc 718.745.1500. We have a brownstone and use him and couldn’t be happier.